Swiss Banker Takes Prudent Course
With Balzan Foundation's Awards

By

Beda Romano Special to The Wall Street Journal

Updated May 26, 2000 1:07 p.m. ET

MILAN -- Paul-Dieter Klingenberg, a 71-year-old former Swiss banker, is proud to admit it: in the roaring Internet age he much prefers bonds to stocks, major currencies to emerging markets and simple trades to derivatives.

Mr. Klingenberg is no ordinary retiree. He is the successful manager of a huge fortune that allows the little-known International Foundation Premio Eugenio Balzan to hand out much sought-after prizes worth a total...